CHANGE IN RATINGS
upgraded at Goldman Sachs to Neutral from Sell based on more balanced risk reward. Company has managed expenses well and market appears willing to look past deteriorating credit trends. Price target raised to $26 from $7.50.
Bank of America
upgraded at Morgan Stanley from Underweight to Overweight. $25 price target. Capital risks are already priced in, even though estimates are being cut for the potential dilution.
upgraded at Goldman Sachs to Neutral from Sell after Q1 results included sizeable product deal and dividend cut. See limited growth outlook but lower risk and more attractive valuation. Target price at $10.
upgraded at Goldman Sachs to Buy from Neutral based on valuation. Expect normalized EPS of $4.60, implying that shares trade around 5x vs. long-term range of 10x-12x. Price target raised to $27 from $17.
Fifth Third Bancorp
upgraded at Goldman to Neutral from Sell. See more balanced risk to shares based on normalized earnings vs. continuing credit deterioration. Price target raised to $6 from $2.
downgraded at Goldman Sachs to Neutral from Buy. Believe investors will focus on normalized earnings going forward, rather than tangible book value, making shares less attractive. Price target lowered to $7 from $10.
downgraded at Merrill/BofA from Buy to Neutral. $11.50 price target. Valuation call, even though management has exceeded expectations in recent months.
downgraded at Goldman Sachs to Sell from Neutral due to continued earnings pressure caused by Southeast exposure. Note high nonperforming asset ratio and low reserve coverage. Price target lowered to $13 from $14.
numbers boosted at UBS to $19. Estimates also raised, to reflect a lower realized tax rate. Neutral rating.
downgraded at Morgan Stanley to Equal-weight. $19 price target. Company has little growth potential in fiscal 2010.
downgraded at Citigroup from Buy to Hold. $20 price target. Company is investing now, but top-line growth is not likely to materialize for another year.
upgraded at Deutsche from Sell to Hold. $11 price target. Estimates also raised, to reflect cost reductions.
downgraded at Merrill/BofA to Underperform. Valuation call, as the stock is up 50% since the beginning of March. $18 price target.
upgraded at Morgan Stanley to Overweight. $60 price target. Carrier JV is not yet priced into the stock and can help lead to 30% compound earnings growth.
STOCK COMMENTS / EPS CHANGES
estimates, target raised at UBS through 2010. Company saw strong volumes last quarter, which can carry on through the year. Buy rating and new $34 price target.
target raised at UBS to $58 a share. Company posted strong production last quarter, and is keeping a tight lid of costs. Buy rating.
target raised at Merrill/BofA to $50. Stock should trade well into the upcoming summer air shows. Buy rating.
numbers cut at Morgan Stanley to $21. Estimates also lowered, as the company is seeing enrollment growth at a pace that's well below its peers. Underweight rating.
numbers increased at Barclays to $20 a share. Estimates also boosted, to reflect operating expense controls. Equal-weight rating.
target increased at Merrill/BofA to $46 a share. Cost-cutting should continue to help the bottom line for a few more quarters. Buy rating.
numbers increased at Barclays to $58. Estimates also boosted to reflect higher natural gas volumes. Equal-weight rating.
numbers raised at Barclays through 2010. Despite the messy quarter, the company still has a record amount of front-end engineering and design work in the backlog. Overweight rating and new $29 price target.
target raised at Barclays to $15. Company fares well against the analyst's own stress test. Overweight rating.
added to Focus List at Credit Suisse. Company is positioned to grow along with a recovery in PC demand. Outperform rating and $18 price target.
estimates, target increased to $58 at UBS. Estimates boosted to reflect higher realized prices and currency gains. Neutral rating.
estimates, target raised to $39 at Morgan Stanley. Estimates also increased, as the company is holding up better than expected in this environment. Overweight rating.
numbers increased at Barclays through 2010. Company boosted production guidance. Overweight rating and new $40 price target.
This article was written by a staff member of TheStreet.com.